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Topic ClosedPresident Obama takes hard line on debt ceiling

 
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Ashanti_R View Drop Down
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Direct Link To This Post Topic: President Obama takes hard line on debt ceiling
    Posted: Jul 06 2011 at 4:22am
President Obama gave a White House news conference on Wednesday concerning the debt ceiling. He was greatly critical of GOP congressmen who will not vote for raising the debt ceiling if taxes are elevated. The president said it is time for everybody to "take on their sacred cows" and "get it done." Predictable, responses to the conference have been divided along party lines. Article resource - Obama blasts GOP on debt ceiling by Newsytype.com.

Wanting a tough decision to be made

Obama did something before the national news corps. Because GOP lawmakers won't make tough decisions, he criticized them:

"Hopefully, leaders at a certain point rise to the occasion and do the right thing for the American people," he said. "Call me naive, but my expectation is that leaders are going to lead."

Terrible results if debt ceiling not raised

The president suggested that every lawmaker should cancel July vacations to address the debt ceiling issue before August 2. At that point, the U.S. will have hit its debt spending limit, and will be forced to default on loans from other nations.

"Nobody wants to put the credit worthiness of the United States in jeopardy," he said. "(If) the U.S. cannot pay its bills - if it defaults - the consequences for the economy will be significant and unpredictable."

Tax cuts for the rich

Obama maintained that he will not support cutting the deficit unless the deal includes higher taxes and spending cuts. He said that the GOP was intractable on taxes. His words were particularly direct on the GOP's insistence upon retaining tax cuts for the very rich:

"I think it would be hard for the Republicans to stand there and say that the tax break for corporate jets is sufficiently important," said President Obama. "Or that we're so concerned about protecting oil and gas subsidies or oil companies that are making money hand over fist that that's the reason we're not going to come to a deal. I don't think that's a sustainable position."

What Obama is upset about

President Obama spoke about putting business needs over the middle class saying, "The business community is always complaining about regulations. Frankly, they want to be able to do whatever they think is going to maximize their profits."

After the conference, Democratic Senate leaders spoke with Obama. They said that they could cancel next week's recess for fourth of July if needed.

Press conference got a few reactions

The press conference has caused a lot of reaction. Parties have separated on these responses. Republican House Speaker John Boehner said:

"(Obama's) administration has been burying our kids and grandkids in new debt and offered no plan to rein in spending. Obama is sorely mistaken if he believes a bill to raise the debt ceiling and raise taxes would pass the House. The votes simply aren't there."

House Minority Leader Nancy Pelosi said, "Bravo! This is the fight House Democrats have been making for the last six months under the Republican Majority as they move to end Medicare and continue tax breaks for Big Oil."

Citations

Reuters

reuters.com/video/2011/06/29/obama-calls-for-action-on-us-debt?videoId=216616583&videoChannel=1003

CBS

cbsnews.com/stories/2011/06/30/ap/business/main20075662.shtml

MSNBC

firstread.msnbc.msn.com/_news/2011/06/30/6981281-first-thoughts-obama-vs-congress

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Direct Link To This Post Posted: Jul 19 2011 at 3:18pm
Unfortunately when you go to the heart of this issue what you realize is what interests the members of our government represent.  It is unmentionable to cut off funding for the wars, to slash our military budget in half, cut corporate welfare, and other entitlements for big business.  And yes, I'm employing the term entitlements for them because these interests supposedly embrace a 'free market'.  Of course, it is always those who are most in need-the unemployed, the elderly, handicapped and disabled, and ill- who get their programs cut.  We speak of sacrifice but what has been the sacrifice of the Goldman Sachs' of the world?  The whole issue is contrived though.  We could easily resolve the crisis and maintain a lifeline of support for those most in need.  Unfortunately, however, the people who staff all of our government branches have been put in there by interests that are more powerful and moneyed than we the people.
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Direct Link To This Post Posted: Jul 21 2011 at 1:17am
I'm glad that BO got tough. It is clear that the GOP is more interested in making sure that he does get elected for a second term than solving the issues at hand.

I also commend BO. He has not let politics cloud his priorities. Even in an election cycle.
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